On September 4, 2026, Intellia Therapeutics, Inc. entered into a Credit Agreement with OrbiMed Royalty & Credit Opportunities V, LP, acting as administrative agent, to secure a senior secured credit facility of up to $400 million. The facility, which matures on September 4, 2031, is structured as a non-dilutive term loan, meaning the company will not issue additional equity to access the funds.
The agreement provides Intellia with $75 million funded at closing. The remaining balance is available through five potential tranches totaling up to $325 million, subject to the company achieving specific milestones:
- A potential $75 million draw upon approval of the biologics license application (BLA) for lonvoguran ziclumeran (lonvo-z) by the U.S. Food and Drug Administration (FDA).
- Three potential $40 million draws upon achieving specific revenue targets for lonvo-z.
- A potential $30 million draw upon achieving an equity fundraising target.
- An additional $100 million available subject to mutual agreement between Intellia and the lenders.
Intellia intends to use the proceeds for working capital needs and general corporate purposes. The loan carries interest rates based on the one-month SOFR plus a 6.15% margin, subject to a minimum rate of 3.00%. The facility is secured by a first-priority lien on substantially all of the company’s assets, including intellectual property. The agreement includes customary financial and negative covenants, as well as events of default that could trigger immediate repayment obligations.
